JPMorgan strategists led by Mislav Matejka expect Q3 earnings to support markets as profit growth broadens beyond AI-related companies. Per IBES, consensus EPS growth for the S&P 500 is 24%, falling to 15% excluding Nvidia and Micron, while European earnings growth is 19%, or 11% excluding energy companies. The bank forecasts the European EBIT margin at 14.4% this year, about 250 basis points above 2019. European bank valuations have fallen more than 10% and French equities more than 15% in recent weeks, though about 75% of CAC 40 company revenue comes from outside France. JPMorgan says recent bond yield increases may be approaching oversold levels, and stabilisation during the reporting season could support equities toward year-end, though this remains a conditional outlook.
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SPY
▲ Likely positiveSPDR S&P 500 ETF
Relevance: medium
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/16/2026 | 763.31 |
| Change that session | -1.10% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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